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中小企业上市的作用——与风险投资的联系The role of SMEs listings, - a link to ve

时间:2019-06-28 10:30来源:未知 作者:anne 点击:
Executive Summary执行摘要
中小企业(以下简称“中小企业”)是世界经济增长的重要组成部分。然而,它们的融资困难程度不同,在当今社会引起了广泛的关注。金融行业的专家和专业人士致力于寻找其他方式帮助中小企业获得融资。但是,没有固定的程序。本项目的目的是为中小企业寻找外部融资渠道,主要结构如下:第一部分,世界交易所联合会中小企业代表交易所总指南,明确了中小企业上市在新兴市场和新兴市场的重要性。此外,全球舞台也展示了这项研究的目的。其次,运用实证理论,找出成长型企业上市背后的决定因素,并在韩国、伦敦、印度、中国等国的国际实践中提出上市的建议。第三,由于风险投资目前已成为中小企业最重要的融资渠道,为中小企业交流增值,因此本文从理论和实践两方面对风险投资合同进行了考察。第四,以创业板为样本数据,对上述研究结果进行检验,并对中小企业交易所与风险投资市场的关系进行实证分析,最后对风险投资与中小企业提出结论和建议。在一定程度上,通过有效结合,解决了中小企业融资瓶颈,共同搭建了促进资本市场繁荣的平台。
SME (hereinafter called “Small and Medium Enterprise”) is the most important part of economic growth across the world. However, their financing difficulties of different degree caused a widely-spread concern in the current society. Expert and professionals in the financial industry dedicated to seek out alternative ways to help SMEs access financing. However, there’s no fixed routine. In this project, the purpose is to find out the external financing channel for SMEs.The main structure is laid out as follows: In the first part, a general guide of representative SME Exchanges in World Federation of Exchange,specify the importance of SMEs listings in the emerging market and in the global stage, in addition, presented the purpose of this research. Secondly, applying empirical theories to find out the determinants of listing in Growth Enterprise Market behind the scene; and come up with listing in international practice across Korea, London, India, and China market. Thirdly, as venture capital currently has emerged as the most crucial financing channel for SMEs which adds value to SMEs exchanges, thus venture capital contract in theory and practice is examined. Fourthly, we use Chinext as a sample data to test above findings and empirically analyze the link of SMEs exchange and VC market.Lastly, conclusion and suggestion are put forward to venture capital and SMEs. To some extent, through effectively combined, they solved the financing bottleneck of SMEs and co-establish such a platform to push the prosperity of capital market.


1.0  Introduction引言

中小企业(中小企业)是全球社会经济的重要组成部分,不仅是发展中国家的重要组成部分,更是美国、美国等发达经济体的重要组成部分。根据2010年的一项不完全统计,以中国市场为例,中小企业占99%的业务,贡献约60%的国内生产总值(2010年世界交易所联合会)。在发达国家,中小企业在创造就业方面也发挥着至关重要的作用。因此,中小企业是世界经济增长的重要机构,也是创新、发展和竞争力的动力站。
然而,中小企业必须面对这种困境,他们愿意扩大业务,但同时也遇到了财务瓶颈。根据作者在当地金融机构的经验,近九分之十的中小企业都有融资需求。然而,事实上,在目前的情况下,银行融资如贷款仍然是中小企业融资的主要来源,或者换句话说,当中小企业有融资需求时,第一个想法是向商业银行借款。然而,社会资源是有限的,就像供求是一对矛盾一样,银行业金融也不能时时满足中小企业的需求。因此,随着资本市场的开放和发展,中小企业和企业家开始关注另类融资。
证券交易所为中小企业融资日益重要,虽然资本市场体系在全球不同的司法管辖区有所不同,但它为中小企业融资提供了一种可行的方式,为潜在投资者提供支持。因此,对这一领域的研究具有重要的现实意义。本文借鉴国内主要成功的、具有代表性的证券交易所的经验,探讨影响中小企业融资和上市的关键因素。
As widely acknowledged at the global stage, SMEs (Small and medium sized enterprises) are important components for social economy, not merely for developing countries but equals to developed economies such as United States and United Kindom. According to an incomplete statistic in 2010, taking the Chinese market as an example, SMEs represent 99 percent business and contribute around 60 percent national GDP (World Federation of Exchanges 2010). In developed countries, SMEs are also playing a crucial role in job creation. Hence, SMEs are functioned as an essential organ for world economic growth, which is the power station for innovation, development and competitiveness as well.
Nonetheless, SMEs have to face this kind of dilemma, they are willing to expand business but at the same time they are meeting financial bottleneck. From author’s experience in a local financial institution, nearly nine out of ten SMEs have financing needs. Nevertheless,the fact is, in the current situation, banking financing such as loans is still the main source for SMEs funding or put in another way, when SMEs have financing requirement, the first idea is borrowing from commercial banks. However, social resources are limited, just like supply and demand are a pair of contradictions, banking finance cannot fully satisfy SMEs from time to time. Thus, with the openness and development of capital market, access to alternative funding has been caught SMEs and entrepreneurs’ attention.
Stock exchanges financing for SMEs is becoming increasingly important although capital market system differs in various jurisdictions globally, it provides a feasible way for SMEs funding supporting from the potential investors. Hence, the research carried out to concentrate on this area is of great importance and practical significance. In this paper, drawing on the experience of main successful and representative stock exchanges to shed light on the key factors to influence SMEs funding and being listed in SMEs exchange.
1.1Main stock SME exchanges across the world
This paper builds upon the work by contrast four main international GEM exchanges which are: theKorea Exchange (KOSDAQ); the Bombay Stock Exchange (BSE SME); the Shenzhen Stock Exchange (Chinext); the Enternext offering of Euronext.Set forth table below outlines a general guide of renowned SME exchanges regarding their listing companies numbers, market capitalization and average market capitalization, thereby we can compare and contrast listed SME in differentiated market. 
(Table 1: Adapted from WFE Report on SME exchanges, 2014)
1.1.1 Structure of the main stock exchange
(1) Due to differentiated SME market, some well-developed and some under-developed, national policies differ from one another, accounting rules and standards might differ across the world, there’s no tailored listing requirement for SME;
(2) SME exchanges ought to according to economic system and specific regulation to operate in their countries. If some markets are underdeveloped, they are supposed to play a greater role in cultivating companies, giving an ongoing monitor and supervision on a daily basis;
(3) SME exchanges could rely on investment banking to vet companies and decrease risk. Investment banks play a key role as a bridge between capital acquirers and investors. Their advisory roles enhance valuable decisions and create considerable synergies (Bermpei, 2014) Apart from helping SME borrow equities, they are supposed to manage risks, build-up mutual trust and facilitate cooperation. Their service could contribute the effective functioning of capital market and even the financial system. Hence investment banking should be ensured their activities are carried out in an effective and efficient way (Kushal, 2015)
1.2  The importance of listings
Stock exchanges make contribution to economic prosperity. Through this exchange platform, public investors could invest their money in securities, in this way, listed companies investing their potential projects by publicly offering shares, thus public investors’ money go to industries and promote economic growth. 
SMEs do a public offering of shares in SME exchanges could be deemed as a milestone for their operation history. It doesn’t simply mean they could raise money outside bank system and reduce liability, but also symbolize their position of strength and the capability to access capital market. In this waymaybe they could raise a lot of money if public investors are confident and optimistic of their development, at the same time, they could continually issue stocks to expand capital in construction of major projects, original shareholders could cash in some of their profits. In addition, when companies decide to be listed in SME stock exchangessome other issues are out of consideration: increase market attention, visibility and corporate reputation. It will bring a lot of benefits, such as adding negotiating chips with banks,a kind of credit endorsement when dealing with business and customer, providing more options 


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